Core Scientific stockholders will receive 0.1235 newly issued shares of CoreWeave for each share of Core Scientific they hold. The exchange ratio implies a total equity value for Core Scientific of $9.0 billion. The deal represents a value of $20.40 a share based on CoreWeave’s closing price of $165.20 on July 3.

The acquisition highlights how artificial intelligence companies are moving beyond traditional data centers and looking to repurpose the energy-intensive sites and power contracts bitcoin miners built during the crypto boom.